President Donald Trump has announced to establish the External Revenue Service to "tariff and tax foreign countries" instead of taxing US citizens. Trump vowed to "overhaul" the trade system "to protect American workers and families.

This announcement follows Trump’s threat last month to impose 100 per cent tariffs on Brazil, Russia, India, China, and South Africa (the BRICS nations) if they create a new BRICS currency or back any other currency to replace the US dollar as the world’s reserve currency.

President-elect Donald Trump has announced his plan to create a federal body charged with taxing and collecting taxes from U.S. trade partners.

President-elect Donald Trump said he would establish an External Revenue Service to collect tariffs, duties and all revenue from foreign sources.

US President-elect Donald Trump on Tuesday announced his plans to create the External Revenue Service, a new body aimed at collecting tariffs, duties, and all revenue derived from foreign sources. Trump also criticised the current reliance on domestic taxes through the Internal Revenue Service (IRS) and emphasised the need